Home Inspection
A home inspection allows you to discover more about the home before you purchase it. If there are serious problems with the foundation, mold issues, or underground leaks, you will be prepared to ask for repairs, a reduced price, or walk away from the property.
The Importance of Home Inspections
Finding a home does not mean that your investigative duties are over. Although most states do not have required inspections, your lender may require at the very least a pest inspection that will need to be conducted before they agree to approve your mortgage loan. If there are termites or other insects, the home owners will have to take care of the problem before they sell the home.
But what about full home inspections, Are they worth it, In most cases, the answer is yes. Although you will have to pay for a home inspection, it may save you a lot of money in the long run.
A thorough home inspection will include checking the following:
* Electrical systems
* Heating and cooling systems
* Foundation
* Siding
* Structural elements
* Roof
* Insulation
* Doors and windows
* Plumbing
If you are buying a new or used home, it is best to have a home inspection before signing the final paperwork. Once the inspection report comes back, you will the opportunity to ask the homeowners for a price reduction, go ahead and buy the home anyway, or ask the homeowners to make the necessary repairs.
When drawing up an initial offer for the purchase of the home, you should include a statement that allows you to withdraw your bid if any repairs are not completed or the price is not lowered due to the findings by the home inspector.
How to Find a Home Inspector
There are a few places to turn to when looking for a home inspector:
* Your real estate agent
* References from friends and family
* Phone book
* Internet
* Contractors
Many home inspectors work freelance and only work certain days during the week. They are trained in home inspection and many are retired contractors, builders, electricians, and plumbers.
Here are some questions you can ask potential home inspectors:
* How long have you been inspecting homes,
* How much do you charge per hour,
* What do you look for when inspecting a home,
* What types of reports should I expect,
* What days during the week are you available,
* Do you offer septic system inspections,
* What type of licensing do you have,
Find out if your lender requires the house to pass specific inspections before you can receive a home loan. If the inspector can complete these inspections along with the home inspection, then it is worth the time and the money to have one inspector complete all inspections on the same day.
Your agent will arrange a time with the homeowners for the inspector to perform the inspection.
You can decide if you would like to be present for the inspection or not. Many times, the reports will be enough to give you a clear idea of what needs to be done. After the inspection is complete and the reports have been completed, it is up to the homeowners to either make the repairs necessary or lower their asking price.
If the repairs are minor and will not cost too much to repair, the homeowners will usually agree to make the repairs. If you would like to absorb the costs of the repairs, then you can offer to do so. You should receive this decision in writing so that there is no confusion during the final walk through before the closing. Bring all paperwork, including the home inspection reports, to closing with you in case there is a discrepancy.
What to Expect from A Home Inspection
A home inspection can unearth many problems you did not notice during your visits to the home. Typical findings include:
* Crumbling foundation
* Structural damage to floors, walls, and ceilings
* Water damage inside and outside the walls
* Termite damage
* Porch railings or posts in poor condition
* Heating and cooling systems need to be cleaned or do not work properly
* Roof needs repair
* Sinkholes
* Broken or leaking pipes
* Electrical wiring not functioning or broken
* Broken water fixtures or light fixtures
* Windows that do not open
* Uneven doorways
* Improper insulation
* Mold
* Water contamination
* Septic tank issues, or
* Hazardous chemicals
Most homes will only experience a few minor issues, but some older homes may have more problems than they are worth. The damage to the homes could cost you thousands of dollars if you are unaware of the damage prior to purchasing the home. While disclosure of some problems is mandatory, many homeowners do not even know that some of these problems exist until they try to sell their homes.
On the day of the inspection, you should expect to hear about some problems. You should be given a detailed report of the findings that will outline drastic problems and those that can be fixed easily.
Some lenders will not approve the home loan until the problems are fixed and another inspection is conducted.